Richest 1% Will Dominate Wealth Next Year, Oxfam Tells Davos

(Bloomberg) -- The richest 1% are about to control a majority of the worlds wealth.

Thats according to Oxfam America, which said the slice of global wealth held by the worlds most affluent reached 48% last year, up from 44% in 2009. Their share will likely exceed 50% by 2016, Oxfam said in a letter addressed to attendees of the World Economic Forum in Davos, Switzerland, this week.